{"id":503478,"date":"2021-05-13T09:06:00","date_gmt":"2021-05-13T13:06:00","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=503478"},"modified":"2021-05-13T09:06:02","modified_gmt":"2021-05-13T13:06:02","slug":"bitcoin-plunges-12-after-elon-musk-says-tesla-will-stop-accepting-the-coin-wipes-365-billion-off-cryptocurrency-market","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bitcoin-plunges-12-after-elon-musk-says-tesla-will-stop-accepting-the-coin-wipes-365-billion-off-cryptocurrency-market\/","title":{"rendered":"Bitcoin PLUNGES 12% After Elon Musk Says Tesla Will Stop Accepting The Coin, Wipes $365 Billion Off Cryptocurrency Market"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">38<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbitcoin-plunges-12-after-elon-musk-says-tesla-will-stop-accepting-the-coin-wipes-365-billion-off-cryptocurrency-market%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=503478&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-493893234-1200x800-1.jpg\" class=\"ff-og-image-inserted\"  style=\"display:none\"><\/div>\n<p><span>Tesla CEO Elon Musk announced Wednesday that the electronic car company would suspend vehicle purchases with Bitcoin, citing concern over \u201crapidly increasing use of fossil fuels for Bitcoin mining.\u201d<\/span><\/p>\n<p><span>\u201cTesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,\u201d wrote Musk.<\/span><\/p>\n<p><span>\u201cCryptocurrency is a good idea on many levels and we believe it has a promising future, but this cannot come at great cost to the environment,\u201d Musk continued. \u201cTesla will not be selling any Bitcoin and we intend to use it for transactions as soon as mining transitions to more sustainable energy. We are also looking at other cryptocurrencies that use <1% of Bitcoin\u2019s energy\/transaction.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"4.2\">\n<p lang=\"en\" dir=\"ltr\">Tesla &#038; Bitcoin <a href=\"https:\/\/t.co\/YSswJmVZhP\">pic.twitter.com\/YSswJmVZhP<\/a><\/p>\n<p>\u2014 Elon Musk (@elonmusk) <a href=\"https:\/\/twitter.com\/elonmusk\/status\/1392602041025843203?ref_src=twsrc%5Etfw\">May 12, 2021<\/a><\/p>\n<\/blockquote>\n<p><span>In a subsequent <\/span><a href=\"https:\/\/twitter.com\/elonmusk\/status\/1392780304138473473\"><span>tweet<\/span><\/a><span>, Musk described the energy usage trend of Bitcoin in recent months as \u201cinsane.\u201d<\/span><\/p>\n<p><span>In response, up to $365 billion was \u201cwiped\u201d off the entire cryptocurrency market.<\/span><\/p>\n<p><span>\u201c<\/span><span>At around 6 p.m. ET on Wednesday when Musk made the announcement, the value of the whole cryptocurrency market stood at around $2.43 trillion, according to data from Coinmarketcap.com. By 8:45 p.m., the market capitalization had dropped to around $2.06 trillion, wiping off around $365.85 billion,\u201d reported <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/05\/13\/bitcoin-btc-price-falls-after-tesla-stops-car-purchases-with-crypto.html\"><span>CNBC<\/span><\/a><span>.<\/span><\/p>\n<p><span>\u201cThe market has since pared some losses, and by around 6.30 a.m. the cryptocurrency market had seen around $235 billion wiped off its value since Musk\u2019s tweet. Bitcoin was down around 12% at around $49,624, according to CoinDesk data, dipping below the $50,000 mark for the first time since Apr. 24,\u201d added CNBC.<\/span><\/p>\n<p><span>The energy usage of cryptocurrency is not a new concern for environmentalists. As reported by <\/span><a href=\"https:\/\/www.dailywire.com\/news\/as-prices-surge-bitcoin-now-reportedly-consumes-more-electricity-than-argentina-netherlands-and-uae\"><span>The Daily Wire<\/span><\/a><span> in February, \u201c<\/span><span>According to researchers at Cambridge University, in terms of annual energy consumption, Bitcoin now consumes more power than Argentina, the Netherlands, and the United Arab Emirates, at 121.36 TWh.\u201d<\/span><\/p>\n<p><span>\u201cThis surge in electricity consumption aligns with the meteoric rise of Bitcoin\u2019s price, which has increased from $13,748 on November 1 to $46,517.40 on February 9. While much focus has been given to its price, experts are reportedly becoming increasingly <\/span><a href=\"https:\/\/www.cnbc.com\/2021\/02\/05\/bitcoin-btc-surge-renews-worries-about-its-massive-carbon-footprint.html\"><span>alarmed<\/span><\/a><span> by the \u2018sheer level of energy required by so-called miners, which release new coins into circulation,\u2019\u201d reported The Daily Wire, adding, \u201cAccording to Digiconomist\u2019s Bitcoin Energy Consumption Index, a <\/span><a href=\"https:\/\/digiconomist.net\/bitcoin-energy-consumption\"><span>tool<\/span><\/a><span> created by data scientist Alex de Vries, Bitcoin now has a \u2018carbon footprint comparable to that of New Zealand,\u2019 producing an estimated 36.95 megatons of C02 per year.\u201d<\/span><\/p>\n<p><span>Musk often has an impact on the price of various cryptocurrencies. <\/span><span>On Saturday evening, Musk <a href=\"https:\/\/www.dailywire.com\/news\/to-the-moon-dogecoin-plummets-robinhood-experiences-issues-after-elon-musk-admits-its-a-hustle-on-snl\">hosted<\/a> \u201cSaturday Night Live.\u201d<\/span><\/p>\n<p><span>Known as the self-proclaimed \u201cDogefather,\u201d Musk discussed Dogecoin on multiple occasions during the show. However, during Musk\u2019s episode of the comedy series, the price of Dogecoin plummeted, particularly after Musk joked that Dogecoin was a \u201chustle.\u201d<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\" readability=\"5.8550724637681\">\n<p lang=\"en\" dir=\"ltr\">Lloyd Ostertag stopped by the desk to talk cryptocurrency. <a href=\"https:\/\/t.co\/cuILxOBJlj\">pic.twitter.com\/cuILxOBJlj<\/a><\/p>\n<p>\u2014 Saturday Night Live \u2013 SNL (@nbcsnl) <a href=\"https:\/\/twitter.com\/nbcsnl\/status\/1391253461640093697?ref_src=twsrc%5Etfw\">May 9, 2021<\/a><\/p>\n<\/blockquote>\n<p><a href=\"https:\/\/www.cnn.com\/2021\/05\/09\/investing\/dogecoin-elon-musk-snl\/index.html\">CNN<\/a>\u00a0reported, \u201cAfter pumping up the value of the cryptocurrency in the lead-up to Musk\u2019s SNL appearance, investors sold off dogecoin sharply after the Musks talked about it on the show. Dogecoin was down 40%, trading as low as 44 cents early Sunday. The cryptocurrency started Saturday trading at around 70 cents and was selling for about 66 cents just before SNL went on the air at 11:30 pm ET.\u201d<\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest-growing conservative media companies and counter-cultural outlets for news, opinion, and entertainment. Get inside access to The Daily Wire by becoming a <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>member<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Tesla CEO Elon Musk announced Wednesday that the electronic car company would suspend vehicle purchases with Bitcoin, citing concern over \u201crapidly increasing use of fossil fuels for Bitcoin mining.\u201d\u201cTesla has &#8230;<\/p>\n","protected":false},"author":1,"featured_media":2278019,"comment_status":"close","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-493893234-1200x800-1.jpg","fifu_image_alt":"Bitcoin PLUNGES 12% After Elon Musk Says Tesla Will Stop Accepting The Coin, Wipes $365 Billion Off Cryptocurrency Market","footnotes":""},"categories":[],"tags":[],"class_list":["post-503478","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"fifu_image_url":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/05\/GettyImages-493893234-1200x800-1.jpg","fifu_image_alt":"Bitcoin PLUNGES 12% After Elon Musk Says Tesla Will Stop Accepting The Coin, Wipes $365 Billion Off Cryptocurrency Market","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/503478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=503478"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/503478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2278019"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=503478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=503478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=503478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}